NUPRC Boosts Nigeria's Oil Sector: 762.5% Rise in Activities, $42.5B Investments
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has achieved remarkable milestones in recent years, boosting the country's oil and gas sector. The commission has witnessed a significant increase in crude oil production and attracted substantial investment basics.
In just four years, NUPRC has seen a staggering 762.5% rise in its activities. The commission has successfully awarded flare sites under the Nigerian Gas Flare Commercialisation Programme, drawing in $2.5 billion in investment basics. Between 2024 and 2025, it approved 79 Field Development Plans, with a potential investment basics of $39.98 billion.
Crude oil production has surged to an average of 1.65 million barrels per day. The commission has also significantly increased the country's rig count, from a mere 8 in 2021 to a robust 69. NUPRC's financial performance has been equally impressive, surpassing its revenue targets by 18.3%, 14.65%, and 84.2% in 2022, 2023, and 2024 respectively.
In terms of regulation, NUPRC has developed 24 regulations in collaboration with stakeholders, with 19 already gazetted. The commission has also identified 400 dormant oil fields and implemented the 'Drill or Drop' policy to stimulate activity. Notably, NUPRC has approved several high-profile divestments, including Nigeria Agip Oil Company to Oando, Mobil Producing Nigeria Unlimited to Seplat, Shell Development Company to Renaissance Africa Energy, and Equinor to Chappal Energies. To enhance transparency and credibility, the commission has transformed licensing rounds to be fully digital.
NUPRC's achievements highlight the commission's commitment to driving growth and investment basics in Nigeria's oil and gas sector. The increase in production, investment basics, and digital transformation bode well for the country's energy future.
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